Air Products CEO to retire, new directors named to board

4:44 PM MDT | October 2, 2013 | Lindsay Frost

Air Products announced today that its CEO John McGlade will retire in 2014 and the company will name three new independent directors to its board of directors. The company has been under pressure since activist firm Pershing Square Capital Management (New York), a $10-billion hedge fund run by activist investor Bill Ackman, took a 9.8% stake in the company in August for $2.2 billion—making it Air Products' largest shareholder. The board formed a search committee and will commence a search with the help of a leading executive search firm, the company...